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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2013 - onwards
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510. Approved profit sharing schemes: appropriated shares.

(1) In this Chapter, references to an approved scheme are references to a scheme approved of as is mentioned in subsection (3) and, in relation to such a scheme -

(a) any reference to a participant is a reference to an individual to whom the trustees of the scheme have appropriated shares, and

(b) subject to section 514, any reference to a participant's shares is a reference to the shares which have been appropriated to the participant by the trustees of an approved scheme.

(2) Any reference in this Chapter to the initial market value of any of a participant's shares is a reference to the market value of those shares determined -

(a) except where paragraph (b) applies, on the date on which the shares were appropriated to the participant, and

(b) if the Revenue Commissioners and the trustees of the scheme agree in writing, on or by reference to such earlier date or dates as may be provided for in the agreement.

(3) This section shall apply where the trustees of a profit sharing scheme a

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